IAI vs FNCL overlap
IAI and FNCL overlap 16.8% by weight, across 34 shared holdings.
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Top shared holdings
| Holding | IAI | FNCL | Overlap |
|---|---|---|---|
| Goldman Sachs GPGS | 20.57% | 3.32% | 3.32% |
| Morgan StanleyMS | 17.27% | 2.76% | 2.76% |
| Schwab (Charles)SCHW | 8.61% | 1.92% | 1.92% |
| S&P Global Inc.SPGI | 4.37% | 1.38% | 1.38% |
| CME Group Inc.CME | 3.83% | 1.07% | 1.07% |
| Intercont EXCH IICE | 4.01% | 0.96% | 0.96% |
| Moody's Corp.MCO | 4.60% | 0.80% | 0.80% |
| Robinhood Mark-aHOOD | 5.31% | 0.72% | 0.72% |
| Nasdaq Inc.NDAQ | 3.36% | 0.47% | 0.47% |
| MSCI Inc.MSCI | 3.89% | 0.45% | 0.45% |
| Interactive BROKIBKR | 3.70% | 0.41% | 0.41% |
| CBOE Global MarkCBOE | 2.42% | 0.36% | 0.36% |
| Raymond JamesRJF | 2.52% | 0.35% | 0.35% |
| Coinbase Globa-aCOIN | 3.11% | 0.34% | 0.34% |
| LPL Financial HOLPLA | 2.15% | 0.31% | 0.31% |
Overlap by weight adds up the smaller weight of each holding the funds share, so 100% means identical portfolios. Long securities only: derivatives and cash vehicles are left out. Sources: IAI, SEC Form N-PORT, June 30, 2026; FNCL, SEC Form N-PORT, July 31, 2026.
Largest institutions holding both
| Firm | IAI | FNCL |
|---|---|---|
| Lido Advisors, LLC | $696K | $195.6M |
| Morgan Stanley | $74.7M | $34.4M |
| Fisher Asset Management, LLC | $104.3M | $1.5M |
| Two Sigma Investments, LP | $43.3M | $7.6M |
| Osaic Holdings, Inc. | $22.4M | $28.3M |
| MML Investors Services, LLC | $48.1M | $605K |
| Wells Fargo & Company | $41.8M | $3.7M |
| LPL Financial LLC | $20.9M | $19.4M |
| Commonwealth Equity Services, LLC | $4.7M | $28.3M |
| Bank of America Corp. | $21.8M | $9.7M |
| Ameriprise Financial Inc. | $16.3M | $4.5M |
| Royal Bank of Canada | $16.6M | $3.4M |
| AlphaCore Capital LLC | $19.4M | $33K |
| Kestra Advisory Services, LLC | $537K | $18.1M |
| Mercer Global Advisors Inc. | $701K | $16.7M |
This compares who owns the funds, not what the funds hold. From SEC Form 13F, for managers with $100M+ in US securities.
Who owns them: IAI institutional holders, FNCL institutional holders.
Frequently asked questions
How much do IAI and FNCL overlap?
16.8% by weight, with 34 holdings in common, using holdings for IAI as of June 30, 2026 and FNCL as of July 31, 2026. The largest shared position is GS.
Do institutions hold both IAI and FNCL?
77 Form 13F filers report positions in both, out of 372 that report either one.
How is overlap by weight worked out?
For each holding the two funds share, take the smaller of the two weights, then add those up. Identical portfolios score 100%.